A new section 10L of the Income Tax Act 1947 (Section 10L), which treats as income chargeable to tax any gains from the sale or disposal of foreign assets by an entity of a relevant group if the gains are received in Singapore, has been introduced and will apply to gains arising from sales or disposals occurring on or after 1 January 2024.

We summarise in this update our views on Section 10L.

If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:

TAN Kay Kheng
Head – TAX
d +65 6416 8102
e kaykheng.tan@wongpartnership.com
Click here to view Kay Kheng’s CV.

TAN Shao Tong
Partner – TAX
d +65 6416 8186
e shaotong.tan@wongpartnership.com
Click here to view Shao Tong’s CV.